>>>>>No, borrowing is easy but defintely not cheap. Your statement shows a lack of understanding of where money comes from. You can borrow as much as you want easily. The question is; who will pay what was borrowed and how will they pay it? The "who" would be you and your children and maybe your grandchildren. The "how" will be in taxes and reduced pensions and increased rates, etc. Enjoy.
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>>Interest rates are historically on the ground so for governments to borrow is cheap. They should borrow because they need to invest in building for the future. Same way if I want to extend my house I have a choice. Save up the money and probably never do it or borrow against the house in the expectation my extension will improve its value.
>>Also all countries are more or less in the same boat so UK wouldnt necessarily get a worse deal than another country borrowing.
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>Everything you say is true ... for you as a homeowner, a responsible borrower. But governments are not responsible and the level of borrowing is off all known charts. The debts cannot be repaid. Which means they either inflate the debt away by printing/creating more fiat currency (bad for society), or they default (bad for society). The US dollar, for example, has already lost 93% of its purchasing power in the last 100 years and lost 33% just since 2000. A similar fall will have occurred for the UK£. Borrrowing is easy but I dont think cheap in the longer term. Sooner or later the chickens will come home.

Dimension of "cheap" is one of the murky issues IMO. Last century at least some central banks were to a large degree not swayed by political wishes - and the currencies these central banks were responsible for kept their value better than others. So for me "cheap" is the cost for political deciders to stay in comfortable position for a few years longer (as central banks are no longer independant), NOT the economic burdens added by more borrowing.

One of the problems even "responsible borrowers" might face are forced taxes on investments - one of the easiest ways to balance a budget (in part) is to slap a long term "forced credit" on real estate - packing up the real estate you live in is hard on those without motor homes ;-)

The schizophrenic split of inflation rate between stocks, real estate and other investments vs. short term consumables is caused by some of those chickens already here...